In the dynamic landscape of B2B SaaS, customer advocacy is not just a feel-good metric; it’s a game-changer. According to Forbes, 90% of people are much more likely to trust a recommended brand – even from strangers.¹ This underscores the undeniable power customer advocacy wields in propelling business success. Additionally, to the direct revenue impact advocacy has on your business, it also supports brand building with high credibility.
In this exploration, we go into the benefits of fostering customer advocacy, provide best practice tips, and unveil how VENMATE can be your supporter in achieving advocacy excellence.
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Customer Advocacy
Recent research has revealed a compelling correlation between robust customer advocacy programs and significant revenue growth. Marketing-induced word of mouth generates more than 2X the sales of paid advertising, according to McKinsey.² Furthermore, Deloitte found that customers referred by other customers have a 37% higher retention rate, meaning a great impact on brand loyalty.³
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Fostering Customer Advocacy: Best Practices
So how to foster customer advocacy? Firstly and foremost, the best way to incentivise advocates is by providing exceptional customer experiences. According to Bain & Company from 2018 the most important elements paying into B2V customer loyalty are “product quality”, “expertise” and “responsiveness”.⁴
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Keeping this in mind, there are a few best practices to encourage customer advocacy.
1. Cultivate Strong Relationships:
Build genuine connections with your customers. Strong relationships are the bedrock of advocacy. Regular check-ins, personalized communication, and attentive support contribute to building trust and a meaningful relationship.
2. Encourage Customer Feedback:
Actively seek feedback and listen to your customers. A transparent feedback loop not only enhances your product but also makes customers feel heard, fostering a sense of ownership and loyalty.
3. Recognition and Appreciation:
Acknowledge and appreciate your advocates. Whether through public recognition, exclusive perks, or collaborative events, showing gratitude strengthens the bond between your brand and your advocates.
4. Facilitate a Community:
Create a space where your customers can connect, share experiences, and learn from each other. A thriving community builds a network of advocates organically, builds up reach and showcases a believable and supportive connection.
5. Leverage User-Generated Content:
Encourage and showcase user-generated content. Testimonials, case studies, and success stories provided by your customers serve as powerful advocacy tools that resonate with potential clients. As it does not feel like marketing or sales content, it is even more trustworthy and convincing.
Positive Effects of Customer Advocacy
Increased Referrals: Advocates are more likely to refer new business, acting as a reliable source of lead generation. Furthermore are referred customers even more likely to remain loyal customers.
Enhanced Credibility: Customer advocacy boosts your brand’s credibility. Positive word-of-mouth from satisfied customers is a compelling endorsement.
Improved Product Development: Insights from advocates often lead to valuable product improvements and innovations, while giving customers appreciation and a sense of corporation.
VENMATE: Your Partner in Advocacy Excellence
At VENMATE, we recognize the strategic importance of customer advocacy in the B2B SaaS landscape. Our platform empowers Customer Success Managers to cultivate strong relationships, gather valuable feedback, and facilitate community building. By streamlining processes and enhancing communication, VENMATE supports the journey toward advocacy, ensuring your customers become your most influential advocates. As we unravel the power of advocacy, let VENMATE be your partner in driving sustained growth and success. VENMATE not only helps Customer Success Managers understand customers better through data generated along all interactions but also encourages and enables customers to give feedback and supports community building.
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